U.S. House Votes to End Watergate-Era Finance System

Quote:
Jan. 26 (Bloomberg) -- The Republican-controlled U.S. House voted to eliminate public financing of presidential campaigns almost four decades after the Watergate scandal that led to its adoption.

Today’s 239-160 vote was primarily along party lines. Republicans said the U.S. can’t afford the program in an era of trillion-dollar budget deficits. The legislation would save $617 million over 10 years, according to the nonpartisan Congressional Budget Office.

http://www.businessweek.com/news/2011-01-26/u-s-house-votes-to-end-watergate-era-finance-system.html


It should be noted, the current President in the last presidential election became the first presidential candidate to opt out out of public financing.